Crimson Tide's Chair Steps Down Amidst Failed Takeover by Checkit

The planned all-share takeover of Crimson Tide plc by Checkit PLC has failed due to the lack of sufficient shareholder backing, with only 51% of shareholders voting in favor. As a consequence, Jacqueline Daniell, the Chair of Crimson Tide and former CEO, has announced her intention to resign from the board. This development follows Crimson Tide's agreement last month to be acquired by Checkit at a reduced valuation after rejecting two earlier hostile bids. Although Ideagen considered a separate acquisition of Crimson Tide during the multi-directional battle, it eventually opted out. Checkit's current bid, valuing Crimson Tide at £6.5 million through a six shares exchange, did not secure enough support despite including executive role promises to Crimson Tide personnel in the new structure. Checkit is now restricted from any acquisition attempt on Crimson Tide for the next year. In recent performance metrics, Checkit increased its annual revenue from £12 million to £14 million, while Crimson Tide reported a 3.3% revenue rise to £3.14 million for six months, leading to significant fluctuations in their respective stock prices.